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PRESS RELEASE July 18, 1991

World Bank Announces Eurolira 500 Billion Public Issue

The World Bank today launched a Lire 500 billion (about us $375 million) public bond offering in the Euromarket. The 10-year Eurolira bonds, which have a bullet maturity, carry a 10-7/8 percent coupon and are priced at 101-7/8 percent, for a contractual yield of 10.30 percent on a semi-annual equivalent basis. The bonds will mature on August 7, 2001.

The underwriting group, which is lead-managed by Istituto Bancario San Paolo di Torino with Banca Nazionale del Lavoro as joint lead-manager, consists primarily of banks from Italy and other European countries.

The proceeds of this issue will be swapped into Swiss francs which will be used in the general operations of the World Bank.